TA: Bitcoin struggles for key support, which could lead to more downside

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Bitcoin’s price did not reach $ 48,000, and has been corrected against the US dollar. If Bitcoin breaks above the $ 45,000 support level, it will likely continue its decline.

  • After failing to break the $ 48,000 resistance, Bitcoin started a further decline.
  • The price is currently trading below $ 47,000, and the 100-hour simple moving average.
  • The hourly chart of BTC/USD pair showed a break below a key upward trend line with support at $ 46,400 (Kraken data feed).
  • If it fails to keep above the $ 45,000 support, the pair will continue its decline.

Bitcoin price corrects downward

Bitcoin prices attempted to surpass the $ 48,000 resistance level. BTC failed to consolidate, which caused a bearish reaction below $ 47,000 support.

The price fell below $ 46,500 as well as the 100 hour simple moving mean. On the hourly chart, the BTC/USD pair saw a break below a key upward trend line with support close to $ 46,000.

The pair fell below the support level at $ 45,500 but remained above $ 45,000 The price is consolidating its losses after a low was formed at $ 45,288. It has corrected above the $ 46,000 mark. The Fib retracement level at 23.6% of the recent decline, which was high at $ 48,080 and low at $ 45,288, was broken.

The immediate resistance is located near the $ 46 500 level. The first major resistance is located near the $ 46.750 level and the 100 hour simple movement average.

Source: BTCUSD

The 50% Fib Retracement level of Bitcoin’s recent decline from $ 48,000.080 to $ 45.288 is also very close to $ 46.685. Bitcoin could re-enter the $ 48,000 resistance zone if it clears the resistance levels at $ 46,700 or $ 47,000 in the near future.

BTC: More losses

Bitcoin could continue its decline if it fails to break the resistance levels at $ 46,700 or $ 47,000 Initial bearish support lies near the $ 45,000.

The $ 45,200 level is the first major support. Major support is now nearing the $ 45,000 mark. If the price falls below the $ 45,000 support level, it could fall to the $ 43 200 support level.

Technical indicators

Hourly MACD- The MACD has lost momentum in the bearish area.

Hourly RSI (Relative Strength Indicator) – The RSI of USD / Bitcoin is now below 50.

Major Support Levels: $ 45,200 followed by $ 45,000

Major Resistance Levels: $ 46,500, $ 46.700, and $ 47,000.


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